#美国众议院市场结构讨论草案

On May 5, 2025, the U.S. House Committee on Financial Services and the Agriculture Committee jointly released a discussion draft of the "Digital Asset Market Structure Act," aimed at establishing a clear regulatory framework for the cryptocurrency market. The draft further refines the previous FIT21 bill, attempting to clarify the division of responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the regulation of digital assets.

The draft proposes that if a blockchain network is deemed "mature" and "decentralized," its native tokens will be considered "digital commodities" and regulated by the CFTC; conversely, if it does not meet the decentralization standards, it will fall under SEC regulation. Additionally, the draft sets forth a "decentralization test" standard and requires project teams to disclose information about members holding more than 1% of the token supply to prevent market manipulation.

However, the draft has sparked controversy on the political front. Maxine Waters, the chief Democrat on the House Financial Services Committee, announced that she would block the joint hearing with the Agriculture Committee, citing concerns over President Trump’s increasingly close ties to the cryptocurrency industry. Democrats plan to hold an independent hearing to investigate potential conflicts of interest involving the President’s family and their collaboration with Abu Dhabi to issue stablecoins.

Despite facing political resistance, the release of the draft marks an important step for the U.S. in the field of cryptocurrency regulation. If successfully passed, it will provide clearer legal guidance for the digital asset market and promote healthy industry development.